daoftxdex.com

Scam Type

Crypto Investment Scam (Impersonation & Fake Exchange)

Red Flag

The site demanded multiple upfront fees supposedly related to taxes, service charges, address verification, and account re-verification before releasing funds.
The continuous freezing and unfreezing of the account with new payments demanded every time was suspicious.
The scammer’s claim that the victim’s credit score needed a $40,000 fix, plus further huge fees to unfreeze the account, was a blatant ploy.
The victim being asked to repay an installment due to time zone confusion was a clear manipulation tactic to keep the money flowing.

Details

The victim joined a trading blog on social media, where he met two individuals—“Mr. Charlie” and “Tina”—claiming to represent Fitbela Epro Limited, a UK-based Forex trading firm. They persuaded him to open a Forex trading account on the Meta 5 Trading platform and promised high returns. The victim initially invested $10,000 and was told the account had grown significantly, prompting him to invest even more. Following their direction, he eventually sent a total of $92,000 via wire transfer. Later, they claimed his account was now worth $200,000. When the victim attempted to withdraw his funds, he was told he needed to pay $87,000 in taxes before any money could be released. At that point, he recognized it as a scam.

Scammer Behaviour

The scammers systematically manipulated the victim by simulating profits and then introducing relentless, fabricated charges. They used psychological pressure, urgency, and technical-sounding jargon like “platform service charges” and “account freeze due to multiple withdrawal attempts” to keep the victim paying. They also exploited time zone confusion to create a false sense of missed deadlines.

Potential Lost Funds

$600,000+

Final Outcome

The victim lost their entire life savings, retirement fund, bank loans, and money borrowed from friends. The scammers disappeared with the funds and the website (daoftxdex.com) is no longer trusted or operational.